Let's Talk... Did You Know?
Best Cities for First-Time Home Buyers in 2019: A new Bankrate study sheds light on places that aspiring homeowners may inadvertently overlook in their property search.
Thursday, March 21, 2019
Tuesday, March 12, 2019
Let's Talk... Hot Off the Press
"The housing market, while not markedly busy in January, remains healthy. The big news in January was inventory," said Jeff Jones, NABOR® President and Managing Broker for Engel & Völkers Naples and Bonita Springs offices, "especially in the single-family home market where inventory for single-family homes under $300,000 grew 8 percent, and inventory for single-family homes between $300,000 to $500,000 grew 12 percent. "We expect the supply of homes for sale to increase, giving buyers more homes to buy, but not so many that will negatively affect overall home prices."
January...
Housing Market Shows Signs of Opportunity
Naples, Fla. (March 8, 2019) - The year is off to a good start for homebuyers. Beyond escaping frigid temperatures up north, visitors looking to purchase a home in the Naples area during January were pleasantly surprised with their options as inventory levels increased 7 percent to 8,154 homes for sale in January 2019 from 7,605 homes for sale in January 2018. The good news didn't stop there for new homebuyers in January as median home prices increased by only 1 percent to $325,000 in January 2019 from $322,500 in January 2018, according to the January 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). A new statistical reporting system with enhanced formats and data capture features was adopted by NABOR®. The January 2019 Market Report was prepared using the new system.
Broker analysts reviewing the new report were quick to point out that a rare occurrence in January 2018 contributed to a reduction in overall closed sales reported in January 2019. Namely, that a developer added 79 newly constructed high-end condominium closed sales to the MLS during the month of January 2018. To further clarify, the actual "sales" were made over a three-year period, but the sales data for all 79 units was input into the MLS over a three-week period in January 2018. Consequently, this data is reflected in the monthly statistics as a 160 percent decrease in overall closed sales for homes in the $1 million to $2 million price category. It is for this reason that the January 2019 Market Report has been clarified to also reflect the removal of these anomalous sales in order to show a truer comparative analysis of the data.
Many broker analysts reviewing the January 2019 Market Report felt the stock market tumble in late December may have contributed to potential homebuyers delaying purchasing decisions in January. This may be why there was a 6 percent decrease in overall closed sales reported for January 2019 compared to overall closed sales in January 2018. However, high-end homes increased 21 percent in the single-family home market and 18 percent in the condominium market in January 2019 compared to January 2018.
According to Cindy Carroll, SRA, of Carroll & Carroll Appraisers & Consultants, LLC, new home construction is tempering price increases in many areas of the resale market. "More builders are using the MLS and reaching out to brokers and REALTORS® with purchase incentives, which will make it necessary for homeowners to price their homes more competitively."
The monthly statistics only capture a fraction of new construction product. NABOR® is working to engage more builders and encourage their use of the MLS. As such, it anticipates the ability to report broader data - like new construction, pending sales and list-to-closed sales - in future months with the new system.
"Fee heavy condominiums are hurting," said Adam Vellano, West Coast Sales Manager, BEX Realty - Florida. Even though inventory rose 6 percent in the under $300,000 condominium market in January, closed sales for this product in January dropped 25 percent.
"The good news is that prices have remained relatively flat in both the single-family and condominium markets over the last 12 months despite the increase in inventory, so this factor along with an increase in inventory means there are some very good deals out there. This is a positive for homebuyers," said Vellano.
Overall, there were 549 more homes for sale in January 2019 than in January 2018. The Naples area has seen its resale market inventory climb over the last few months. As such, there was 8.4 months of inventory in January 2019, typically indicating a buyer's market, up from 6.3 months of inventory in January 2018.
The NABOR® January 2019 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
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Prices are expected to remain stable over the next 12 months
according to Carroll, who also noted that some pockets of the
market may begin to see value erosion while others continue
to increase due to location and demand.Geographically,
inventory increased the most in Eastern Collier (10 percent)
and Ave Maria (18 percent).
If you have any questions please feel free to reach out
to me by e-mail or by calling 239.404.7787.
If you are looking to buy or sell a home in Naples,
contact me today...:0)
I have the experience and knowledge to provide an accurate
market information to negotiate your next transaction.
Please click the link below for our market update...:0)
Michelle
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Friday, February 1, 2019
Friday, January 25, 2019
Tuesday, January 8, 2019
Let's Talk...
When Do Tax Bills Come Out In Collier County:
All the Information In One Place…https://colliertaxcollector.com
Tax notices are mailed on the last working day of October. Taxes become due and payable November Property Taxes are payable in November with a 4% discount. December a 3%discount. January a 2% discount. February a 1% discount. The gross amount is due in March. Property Taxes become delinquent in April.
Understanding YOUR AD VALOREM TAXES
Ad Valorem is a Latin phrase meaning “According to the worth”. In Collier County, Florida, Ad Valorem or “real” taxes on “real” things “according to their worth” includes taxes on REAL ESTATE and taxes on a business’s Tangible Personal Property.
Still can’t find the answer?
E-mail your question to: propertytax@colliertax.com
E-mail your question to: propertytax@colliertax.com
Contact Number 239-252-8172
How much you’ll be paying in taxesis, it’s $12.00 per $1,000 in Florida. Is this true for all of Florida or just certain parts? Also how much is it per $1,000 in Naples?
let’s look at how real estate taxes are calculated.
Taxable value x tax rate = annual real estate taxes.
Every year all the county appraisers throughout the state of Florida reassess properties as of January 1st, based upon market activity in the preceding calendar year. The reassessment gives us what is termed market assessed value. The market assessed value can be reduced by the Save Our Homes exemption (homesteaded properties can only increase a maximum of 3% of the previous year’s assessed value) and the homestead exemption. The resulting figure is called taxable assessed value.
There is no overall Florida real estate tax rate. Each county determines their tax rate based upon what is budgeted to run the county and/or city governments, schools, fire districts, etc. Within each county there are what is called Millage Areas or tax rate areas. In Collier County the Naples area there are over 280 such areas. The range of tax rates runs from a low of $10.8694 per $1,000 up to a maximum of $16.1439 per $1,000. The average for the Naples area is $12.48626 per $1,000 and median is $12.4374.
Generally, we use the formula of 80% of the purchase price x 1.25% or 1% of the purchase price. For example, a purchase price of $200,000 would yield $2,000 per year for real estate taxes annually.
Due to how the assessed value works, it becomes very important for you as potential purchaser of real estate to work with a real estate professional that can use available information to inform you of what real estate taxes could be on a property given the existing tax rate as well as determining what the appropriate taxable assessed value for the proposed purchase.
Please be aware that the tax rates and method of estimating real estate taxes will be significantly different if you are considering purchasing in Florida markets.
Still can’t find the answer?
E-mail your question to: propertytax@colliertax.com
Contact Number 239-252-8172
Wednesday, January 2, 2019
Let's Talk...
Naples again included among
'America's 100 Best Places to Retire'
Stacey Henson, The News-Press
Naples has made the list of "America's 100 Best Places to Retire" — for the fifth time.
For the first year, Cape Coral has joined the list too.
They are among 18 Florida communities, including Punta Gorda, to get a mention in the just released 2018 edition of the popular guidebook “America’s 100 Best Places to Retire.”
The book is available at WhereToRetire.com and Amazon. According to a news release, the editors of Where to Retire magazine ranked 800 U.S. towns after 11 months of research and 670 interviews of retirees.
The final selection represents 35 states. The chosen communities vary in size, climate, amenities and lifestyle, and each falls into one of 10 categories that focus on defining feature, such as beaches, mountains, low costs, four seasons and appealing downtowns.
"It looks like y'all are doing many good things," said Annette Fuller, editor of Where to Retire magazine and the book.
Fuller said Cape Coral's Southwest 47th Terrace amenities and its proposed Village Square development helped vault the city into the listing, ranking it among the "Best Main Street Towns." The proximity to Sanibel and Pine Island also helped, she said.
She acknowledged that Naples might typify the "main street towns" designation a little better.
"It's clearly the Fifth Avenue area," Fuller said, that put Naples in the Best Downtown category. "We've seen so many pictures of that. Every retiree who was interviewed talked about it."
Fifth Avenue South is Naples' Main Street, exuding small-town friendliness with historical landmarks amid sophisticated boutiques, neighborhood shops and colorful buildings.
Cape Coral, Dade City, Naples and St. Augustine were chosen among the "Best Main Street Towns," along with Annapolis and Frederick in Maryland; Charleston and Greenville in South Carolina; Glenwood Springs, Colorado; and Lexington, Kentucky.
"Naples was just absolutely almost a no-brainer," Fuller said.
Punta Gorda ranked among the "Best Small Towns."
Other Florida communities in the top 100 list for retirees were Amelia Island, Boynton Beach, Destin, Dunedin, Jacksonville, Leesburg, Melbourne, Northern Palm Beach County, Ocala, Orlando, Port St. Lucie, Sarasota and Winter Haven.
The Full Story: https://www.naplesnews.com/story/news/local/2018/12/05/americas-100-best-places-retire-naples-makes-list-again-cape-coral-joins-first-time/2214651002/?fbclid=IwAR1qyD5aOXvdlIOYiuYVnS_dVLQLc8RIJ8ybytP4uaGrspGSuC5h_sokJNU
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